Business, 31.03.2021 01:00, maxraph108
Revenue and Cash Receipts Journals
Lasting Summer Inc. has $2,510 in the October 1 balance of the accounts receivable account consisting of $1,060 from Champion Co. and $1,450 from Wayfarer Co. Transactions related to revenue and cash receipts completed by Lasting Summer Inc. during the month of October 20Y5 are as follows:
Oct. 3. Issued Invoice No. 622 for services provided to Palace Corp., $2,890.
Oct. 5. Received cash from Champion Co., on account, for $1,060.
Oct. 8. Issued Invoice No. 623 for services provided to Sunny Style Inc., $1,940.
Oct. 12. Received cash from Wayfarer Co., on account, for $1,450.
Oct. 18. Issued Invoice No. 624 for services provided to Amex Services Inc., $2,970.
Oct. 23. Received cash from Palace Corp. for Invoice No. 622 of October 3.
Oct. 28. Issued Invoice No. 625 to Wayfarer Co., on account, for $900.
Oct. 30. Received cash from Rogers Co. for services provided, $120.
A. Prepare a single-column revenue journal and a cash receipts journal to record these transactions.
B. Prepare a listing of the accounts receivable customer balances and verify that the total of the accounts receivable customer balances equals the balance of the accounts receivable controlling account on October 31, 20Y5.
C. Why does Lasting Summer Inc. use a subsidiary ledger for accounts receivable?
Answers: 1
Business, 22.06.2019 11:10, jordanbyrd33
Robert black, regional manager for ford in texas and oklahoma, faced a dilemma. the ford f-150 pickup truck was the best-selling pickup ever, yet ford's headquarters in detroit had decided to introduce a completely redesigned f-150. how could mr. black sell both trucks at the same time? he still had "old" f-150s in stock. in his advertising, mr. black referred to the new f-150s as follows: "not a better f-150. just the only truck good enough to be the next f-150." this statement represents ford's of the new f-150.
Answers: 2
Business, 23.06.2019 00:30, landofliam30
Suppose the government decides to issue a new savings bond that is guaranteed to double in value if you hold it for 20 years. assume you purchase a bond that costs $25. a. what is the exact rate of return you would earn if you held the bond for 20 years until it doubled in value? (do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e. g., 32.16.) b. if you purchased the bond for $25 in 2017 at the then current interest rate of .27 percent year, how much would the bond be worth in 2027? (do not round intermediate calculations and round your answer to 2 decimal places, e. g., 32.16.) c. in 2027, instead of cashing in the bond for its then current value, you decide to hold the bond until it doubles in face value in 2037. what annual rate of return will you earn over the last 10 years? (do not
Answers: 3
Revenue and Cash Receipts Journals
Lasting Summer Inc. has $2,510 in the October 1 balance of the a...
Biology, 11.10.2019 22:30
Medicine, 11.10.2019 22:30
Mathematics, 11.10.2019 22:30